Financial planning is essential for future family security

It will be many years before the economies in some of the affected countries recover and in the meantime their populations are facing cuts in support and services, as Governments try to repair the damage to their economies.

This means people may no longer be able to rely on much state financial help when they are older and perhaps less able to support themselves financially. In some countries there is the further complication of an ageing population, meaning that there are fewer younger people of working age able to work and pay the taxes that these states use to pay for the pensions of the elderly and frail.

This is particularly the case in the developed world – USA, Europe and the UK – while in India the opposite is the case with a majority population of under-30s. Nevertheless there is little or no state pension in places like India, for example, and the social changes that are taking place mean people increasingly move away from the extended family to well-paid work.

No matter what the social traditions it is therefore likely that individuals will need to take more responsibility for their future financial security than ever.

Those who are fortunate to have a steady income are in the best position to make some provision for their old age by putting a little money aside each month into an investment fund.

Investments can be a risky business as they can go down as well as up and the advice and guidance of a financial adviser able to help “retail” clients (that is ordinary, private citizens) is essential.

Such advisers have access to investments in mutual funds, which are professionally managed collective investment schemes that allow individual investors to pool money to buy stocks, bonds and other securities.

There are mutualfund advisers available in Delhi, in Noida, in Gurgaon, Faridabad and NCR who can help Indians to plan ahead and invest their money wisely into funds that will provide them with financial support in their old age.

Put simply, investment is a kind of loan of money that enables companies, banks and other organisations to have the cash they need to operate and hopefully make a profit. When they do the investor can expect to receive a share of that profit as a form of interest on their original “loan”. But there is a risk and it I the adviser’s job to help clients to safeguard themselves as far as possible.

Residents in India and NRIs outside the country can consult mutualfund advisers in Faridabad, or mutual fund advisers in Gurgaon or Delhi, in Noida or NCR, who can help them plan their investment into an SIP or an STP to save for their old age.